USD/CAD Forecast December 3, 2013, Technical Analysis

The USD/CAD pair rose during the session on Monday, eclipsing the 1.06 handle by a significant amount. Finally. With that being the case, we are definitely looking to buy this market, and believe that any pullback at this point time should find support at the 1.06 handle as it should now turn into support. Because of this, we feel that the market is a “buy on the dips” type of market, and also recognize the fact that this Friday’s nonfarm payroll announcement will greatly affect where the market goes from here. Because of this, we are optimistic about the longer-term uptrend of this pair, believing that we will eventually hit the 1.10 level.